On Friday,the CME Group's corn,soybean and wheat markets are expected to start lower.Although,strong export sales could push soybeans higher.
The early calls for the commodities on Friday,January 24,2014,are lower.Corn is seen opening 2-4 cents lower,soybeans 3-5 cents lower to 3-5 cents higher,and wheat 2-4 cents lower.
In overnight trading,the March corn futures contract traded 2 1/2 cents lower at$4.26 per bushel.The March soybean futures traded 6 cents lower at$12.70.The March wheat futures contract traded 2 1/2 cents lower at$5.67.For March soybean meal futures,the contract traded$1.20 per short ton lower at$417.50;March soybean oil futures traded$0.44 lower at$37.42.
The outside markets are unfavorable for Friday's grain trade.The real factors driving the calls will be the lower overnight markets.
Discuss the corn,soybean and wheat markets in Marketing Talk.
On Friday,the USDA released its delayed Weekly Export Sales Report.U.S.corn sales were pegged at 693,200 tons vs.the trade's expectations of 200,000 to 800,000 tons.
For soybeans,the U.S.weekly sales totaled
1.673 million tons vs.the trade's expectations of 300,000 to 600,000 tons.
Wheat sales were estimated at 413,400 tons vs.the trade's expectations of 350,000 to 650,000 tons.
